Helsinki, Finland, 2014-12-17 11:00 CET (GLOBE NEWSWIRE) -- YIT CORPORATION INVESTOR NEWS DECEMBER 17, 2014 AT 12:00 NOON
The execution of the plot cooperation agreement between YIT and the Hypo Group proceeds
YIT announced an approximately EUR 50 million plot cooperation agreement with the Hypo Group this June. During the last quarter of 2014, YIT has sold plots worth approximately EUR 5 million and transferred pre-agreements for the purchase of plots worth over EUR 10 million to funds administered by the Hypo Group within the framework of the agreement. YIT will continue to develop its projects on the plots and will pay rent for the plots to the funds. The plots are located in the Helsinki metropolitan area and other Finnish growth centres. The revenue effect of the deals is approximately EUR 5 million, and they will have no earnings effect.
The first phase of the cooperation agreement, approximately EUR 25 million, was executed in June, and the rest of the transfers of the pre-agreements for the purchase of plots will be carried out in the beginning of 2015, after the city plans for the plots have been confirmed.
“The purpose of the cooperation is to improve the capital efficiency of YIT, and to offer customers the chance to buy a new home with less capital. At the same time, the owners of Suomen Osatontti Ky and Suomen Osatontti II Ky will receive stable returns for their investment,” says Matti Koskela, Senior Vice President, Building Construction at YIT.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Matti Koskela, Senior Vice President, Building Construction, YIT Construction Ltd, tel. +358 40 557 6520, matti.koskela@yit.fi
YIT CORPORATION
Sanna Kaje
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com